In "The Internet Is Not the Answer" by Andrew Keen *, he points to some of the problems with today's web services: As opposed to the Internet's golden days of public standards and open protocols, today they are mostly centralized proprietary "winner takes all".
And the reason is simple: When Paul Baran, Bob Taylor, Bob Kahn, Vint Cerf, Tim Berners-Lee, et.al. invented their respective contributions, they were often government employees and as such not seeking or able to pursue monetary gains based on their inventions, or vehemently opposed to do so. They also understood that their protocols had to be public and open in order to be widely adopted.
In today's Internet economy, the goal is not universal standards or federated networks (e.g. email, PSTN), but rather reaching critical mass in walled gardens. If you can show you have amassed enough users, your company gets valued billions. IPO, vest, rinse and repeat. So if there was a public social network protocol, you could jump ship, just as you can with a domain and email today. That would not be in th interest of Facebook, Twitter, Instagram, Whatsapp . Much better ride the curve till the next bust.
*) Skip the book; it's a long rant, a gets a bit dull, even if Keen is a good writer.